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Nearly 24,350 South Florida Condos Listed For Sale During Winter Buying Season

Buyers Purchased Nearly 34,465 South Florida Condos In Year 2019

Real Estate For Sale

(This Report Is Powered By Brickell Ventures LP)

DOWNTOWN MIAMI (Jan. 22, 2020) - Nearly 24,350 condo units are formally listed for sale in the tricounty South Florida region of Miami-Dade, Broward and Palm Beach, according to a new report from Condo Vultures® Realty LLC.

Based on monthly condo sales of nearly 2,872 units in the entire 12 months of 2019, South Florida now has nearly a nine-month supply of units available for purchase in the tricounty region during the Winter Buying Season, according to the report based on data from the Southeast Florida MLS Matrix.

A balanced market is generally considered to have about six months of supply. More months of condo supply listed for sale suggests a buyer’s advantage and less months typically indicates a seller’s advantage in the market.

It is worth noting this report only tracks those South Florida condos formally listed for sale. The report does not factor in the nearly 47,750 new condo units currently in the development pipeline east of Interstate 95 in the tricounty region.

(For the latest South Florida preconstruction condo project pipeline, please visit: CraneSpotters.com.)

Currently, nearly 3,385 South Florida condo units are under contract and waiting to transact - or pending - at an average asking price of less than $495,600 each or $295 per square foot, according to the statistics.

The average asking price of a South Florida condo currently listed for sale is about $842,120 per unit. This works out to an average asking price of about $468 per square foot, according to the data compiled by CondoVulturesRealty.com.

It is important to consider that the MLS Matrix has an arbitrary rule that limits the overall "pricing" and "days on the market" information to a maximum of 10,000 units at a time. Therefore, more accurate information for the South Florida condo market is not readily available.

In the entire 12 months of 2019, the average transaction price of a South Florida condo was about $356,367 each or about $266 per square foot, according to the statistics.

This means the current asking price of a South Florida condo listed for sale is about 136 percent higher than the average transaction price achieved on a per-unit basis and nearly 76 percent higher than the average transaction price on a per-square-foot basis between January and December of last year.

In the four quarters of 2019, the sellers who were able to unload their units needed about 119 days to transact a South Florida condo listed for sale. The current Days-On-The-Market average for a South Florida condo listed for sale is about 302 days, according to the statistics.

The number of Days-On-The-Market for the condo units currently under contract is 101, according to the stats.

CondoVulturesRealty.com is a licensed Florida brokerage that specializes in assisting buyers and tenants in value-oriented condo acquisitions and leases in the tricounty region of Miami-Dade, Broward and Palm Beach.